The six-month moving average fell by 2.3% over the previous month, from November’s 208,200 (previously reported: 206,100 units) to 203,500 in December. The CMHC commented that, “A decrease in both the multiple and single starts segments drove the December trend lower. Starts increased in 2015 compared to 2014, largely driven by the condominium market in Toronto. Had the Toronto condominium starts remained stable in 2015, national starts would have declined on a year-over-year basis.”

According to its Q4 Housing Market Outlook, the CMHC estimates that housing starts will record 178,150 units in 2016 and 173,650 units in 2017. FocusEconomics Consensus Forecast participants expect 188,431 housing starts in 2016. For 2017, the panel sees housing starts moderating to 176,125 units.

Author:Robert Hill, Economist

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The Ivey Purchasing Managers Index (PMI), prepared by the Richard Ivey School of Business, declined a seasonally-adjusted 2.6 points from November to 60.4 in December—coming in below the 62.2-point reading that market analysts had expected.